Improving insurance claims outcomes through IoT
A data-driven approach to insurance claims management
The insurance claims process has always relied on subjective and after-the-fact data. The claims process is reactive, open to fraud, and often unsatisfactory to consumers. IoT sensors provide objective data about what happened to an insured asset leading up to, during, and immediately following a loss event, leading to reduced claims costs, faster claims processes, and better customer relationships.
Reduce claims costs
IoT data allows insurers to both avoid claims through active risk reduction and reduce costs when a claim event occurs. Personalized feedback about risky behaviors or situations along with education on how to reduce risk helps insurers reduce the likelihood of a claim. Near-real-time objective data helps insurers process claims faster, mitigate fraud, and reduce claims costs.
Resolve claims faster
IoT sensors provide near-real-time data about an asset or policyholder behavior. Through asset- and line-of-business-specific algorithms, insurers can identify when a loss event occurs and respond immediately. By knowing that an event has occurred and seeing objective data about what occurred, insurers can reduce the time to settlement significantly.
Increase customer satisfaction
Objective claims data can help insurers process claims with fewer policyholder inputs and make the claims process faster. IoT data can reduce the burden required to combat fraud and get policyholders paid out faster. Finally, through near-real-time notification of a loss event, insurers can provide claims-related services such as emergency response, resulting in more satisfied customers.
Claims management suite overview
|Claims management tools: Improve critical aspects of the claims processes such as FNOL and fraud prevention through IoT-driven event management applications.|
|Claims management services: Improve claim-related service outcomes by connecting third-party services or leveraging Octo’s integrated services.|
|Detect vehicle accidents and use crash reconstruction analytics to validate policyholder claims.|
|Immediately detect a fire alarm trigger, notify the policyholder, and dispatch emergency services to mitigate claims costs.|
|Improve customer satisfaction by leveraging IoT data to process and settle claims faster.|
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